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BP, Socar, NewMed to begin Israel gas exploration

The consortium won exploration rights in the block in October 2023, but due to the outbreak of war, they only officially took the license in March 2025. Exploration is now slated t...

News Desk

Staff Writer

Published

Jun 19, 2026

Source

Globes - Israel Business News

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BP, Socar, NewMed to begin Israel gas exploration

AI Insight:This news matters as it highlights the resumption of economic activities in the region after a period of conflict.

The consortium consisting of BP, Socar, and NewMed is set to begin gas exploration in Israel, marking a significant development in the country's energy sector. The consortium won exploration rights in the block in October 2023, but due to the outbreak of war, they only officially took the license in March 2025. Exploration is now slated to commence, with the consortium looking to unlock the potential of the block and contribute to Israel's energy security. This move is expected to have a positive impact on the country's economy, particularly in the energy sector, and demonstrates the resilience of businesses in the face of challenging circumstances.